Iran Tyre Market to Grow at more than 12% through 2020
Easing nuclear sanctions, reviving automobile sector and anticipated come-back of tyre majors to drive tyre sales in Iran over the next five years
According to recently released TechSci Research report, “Iran Tyre Market Forecast and Opportunities, 2020’’, tyre market in Iran is forecast to grow at over 12% CAGR during 2015 – 2020. Anticipated growth in automobile production and sales is one the major factors expected to boost tyre sales over the next five years in the country. Owing to restrictions on the operations of various major international tyre brands in Iran, domestic tyre brands like Barez tyre, Yazd tyre, Kavir tyre, Goldstone tyre, etc. have been dominating the country’s tyre market over the last few years.
Signing of a Joint Comprehensive Plan of Action (JCPOA) between Iran and P5 countries on 14th July, 2015 in Austria is expected to stimulate economic activity in the country over the next five years. This is expected to hugely benefit the automobile and tyre industry in Iran through 2020. Tyre market in Iran is concentrated majorly in Tehran and Kermanshah regions. Tehran is the economic center of Iran and about 50% of the automobiles sold in Iran every year are registered in this city only. On the other hand, about 50% of the Iran’s onshore oil reserves are located in Khuzestan basin in Kermanshah region.
“Passenger car tyre segment remains the most dominant segment in the tyre market in Iran. The trend is expected to continue over the forecast period as well. In 2014, more than two-third of the country’s tyre market was accounted for by passenger car segment. Moreover, the passenger car tyre segment is dominated by Sedan cars tyres, and this trend is expected to continue in Iran during the forecast period”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Iran Tyre Market Forecast and Opportunities, 2020’’ has evaluated the future growth potential of Iran tyre market and provides statistics and information on market structure, imports and future growth of Iran tyre market. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in the Iran tyre industry.